Nextera Energy Partners, LP October 2017 Investor Presentation

NextEra Energy Partners, LP October 2017 Investor Presentation

1 Cautionary Statements And Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy Partners’ SEC filings.

Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein.

Other See Appendix for definition of Adjusted EBITDA and CAFD expectations.

2 NextEra Energy Partners is a best-in-class diversified clean energy growth company

NextEra Energy Partners’ Portfolio(1) • Stable cash flows supported by: – Long-term contracts with creditworthy counterparties – Geographic and asset diversity • ~3,700 MW of renewables(2) – ~3,100 MW wind – ~600 MW solar • ~4 Bcf total natural gas pipeline capacity – Seven natural gas pipelines – ~542 miles • Wind assets – ~3 Bcf of contracted capacity • Solar assets • Pipeline assets

Solid distribution growth through accretive acquisitions

1) Portfolio as of October 26, 2017; excludes non-economic ownership interest in equity method investments 3 2) Includes acquisition of 691 MW announced on October 26, 2017 that is expected to close by year-end 2017 Since the IPO, NEP has grown distributions by ~109% and delivered total unitholder return of 71% Annualized Total Unitholder Return LP Distributions(1) NEP vs. Indices

$1.57

100% 90% 80% 71% 70% 60% 50% 40% 40% 40% 30% $0.75 20% 10% 0% Yie -10% (6%) (2) NEP S&P 500 S&P 500 YieldCo Utilities Average(3)

Index 1) Annualized basis; refer to distributions payable on the NextEra Energy Partners Investor Relations website 2) Reflects total unitholder return, assuming dividend reinvestment, as of October 26, 2017 since the IPO dated June 27, 2014 based on the IPO price of $25 3) Reflects average total shareholder return, assuming dividend reinvestment, for CAFD, TERP, ABY, PEGI, NYLD.A as of October 26, 2017 since the IPO date assuming IPO price 4 Note: All other data is total shareholder return, assuming dividend reinvestment, as of October 26, 2017 since June 27, 2014. Source: Bloomberg NEP’s value proposition is built upon four core strengths

NextEra Energy Partners’ Core Strengths High-Quality Portfolio(1) Financial Strength and Flexibility

Issuer Credit ~3.7 GW Rating(4) Year-end 2017E 18-Yr A3 Renewables >90% Capacity of Project Debt Ba1/BB/BB+ ~1.2x Remaining Counterparty (2) (2,3) & Tax Equity supports 4x-5x Coverage Contract Life Credit (1) (5) ~4 Bcf Is Amortizing Holdco debt / project Ratio Pipeline Capacity CAFD

Tax-Advantaged Structure(6) Opportunities For Growth

Treated as C-Corp Clean energy ≥8 years assets at ≥15 years Potential return of for U.S federal tax Organic capital treatment purposes with Energy Not expected to prospects for 3rd Party for distributions to pay significant Resources, Texas Pipelines acquisitions the extent of Form 1099 U.S. federal taxes for investors including future and Repowerings investor’s tax development basis (vs K1)

1) Includes acquisition of 691 MW announced on October 26, 2017 that is expected to close by year-end 2017 2) Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for expected portfolio as of December 31, 2017 3) Moody’s Rating related to firm contract counterparties 4) Moody’s, Standard & Poor’s, and Fitch ratings, respectively 5) Assumes calendar year 2018 expectations for forecasted portfolio as of 12/31/17, divided by the product of annualized LP distributions of $1.58-1.62 and 156 MM outstanding units, plus distributions made to the Series A Preferred Units 6) As of September 30, 2017, except otherwise noted; should not be construed as tax advice 5 NEP’s structure creates tax advantages similar to MLPs

Structural Tax Advantages

Federal Income Earnings & Profits C-Corp for Tax Tax Shield Tax Shield Purposes • Driven by existing and • NEP distributions are • Investors receive a future NOLs treated as “return of 1099-DIV as opposed generated primarily capital” up to an to K-1 through MACRS investor’s outside basis depreciation of • Receipt of 1099 acquired assets • Return of capital avoids issues with offsetting taxable treatment applies as holding NEP in a income long as NEP has deferred tax account negative current (IRA or 401K) that are “earnings and profits” common to K-1s

NEP is not expected to pay LP investors are not expected NEP has a broad universe of meaningful U.S. taxes for at to pay taxes on distributions potential investors least 15 years for at least 8 years

6 Note: As of September 30, 2017; should not be construed as tax advice NEP continues to focus on investing in clean energy assets with stable cash flows

Asset Suitability

Long-Term Contract  Clean Energy Technology  Creditworthy Counterparty  “NEP-Able” Asset Stable Regulatory Environment  Limited or Monetized Tax Credits  Strong Operations 

Any clean energy asset that fits these criteria may be suitable for acquisition by NEP

7 With continued technology improvements and cost declines, wind and solar are expected to be competitive into the next decade Wind and Solar Technology Levelized Cost of Levelized Cost of Electricity from Wind Electricity from Solar (Including Production Tax Credits) (Including Investment Tax Credits) $/MWh $/MWh $70 $160 $140-$150 $55-$65 $140 $60 $120 $50 $100 $95-$105 $40 $36-$42 $80 $73-$83 $30 $21-$27 $60 $16-$22 $39-$47 $20 $12-$18 $40 $25-$35

$10 $20 $0 $0 (1) (1) (1) (1) (2) 2010 2012 2014 2016 2020 2010(3) 2012(3) 2014(3) 2016(3) 2020(2)

1) Source: U.S. Department of Energy, 2015 Wind Technologies Market Report – August 2016 2) Energy Resources’ estimate 3) Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this 8 content is strictly prohibited without written permission by IHS Markit . All rights reserved Demand for both wind and solar energy is expected to be robust through the end of the decade Industry Estimates of Wind & Solar Market Potential 2017 - 2020(1)

Wind Additions Solar Additions 45 45 40 40 37 40 35 Avg: 36 GW 35 32 35 30 30 26 25 24 GW 25 GW 25 Avg: 22 GW 20 20 15 15 13 10 10 5 5 0 0 BNEF IHS MAKEMake ABB/Ventyx BNEF IHS GTM ABB/Ventyx

Roughly 60 GW of combined wind and solar are projected to be added in the U.S. through 2020

1) Sources: Bloomberg New Energy Finance; IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit; MAKE; ABB EPM Advisors Spring 2017 North American Reference Case; GTM Research U.S. Solar Market Insight 9 Report, Q2 2017 Battery efficiency improvements and cost declines are expected to expand the storage market and enable even greater renewables expansion Storage Technology Lithium-ion 4-Hour Battery Pack Cost(1) Battery Storage Adder(2) $/kWh $/MWh $1,200 $80 $71-$81 $70 $1,000 $1,000 $60 $45-$55 $800 $50 $642 $38- $48 $600 $540 $40 $30 $400 $19-$29 $273 $20 $12-$22 $200 $172 $10 $0 $0 2010 2012 2014 2016 2020 2010 2012 2014 2016 2020

1) Source: Bloomberg New Energy Finance 2) Energy Resources’ Estimate. Assumes: 4 hour battery storage at 40% of nameplate solar capacity. Total battery 10 system costs calculated as two times Bloomberg New Energy Finance battery pack cost The all-in cost of wind and solar will continue to compete with existing generation resources as tax credits phase down

Estimated Costs of Generation Resources Post – 2020(1) (cents/kWh)

4 - 5¢ w/ storage adder 4 - 5¢ 3.5 - 5¢ 3 - 4¢ w/ storage adder 3 - 4¢ 3 - 4¢

2 - 3¢

(2) (2) New Wind New Solar New Combined Existing Coal Existing Nuclear Cycle Gas Excludes Tax Credits

Wind and solar combined with storage to firm and shape production is expected to compete economically with other generation in the next decade

1) Energy Resources’ estimate 11 2) Represents operating cost per kWh including fuel Acquisitions from Energy Resources, organic growth and third party M&A all provide NEP with clear visibility to future growth Growth Opportunities

Potential Acquisition of Potential Organic Clean Energy Potential for 3rd Prospects for Assets at Energy Party Texas Pipelines Resources, Acquisitions and Repowerings Including Future Development

12 We have implemented certain governance changes at NEP in order to enhance LP unitholder rights

Enhancing Unitholder Governance Rights Prior Structure New Structure

• New BOD at NEP LP Board of • BOD at NEP GP Directors • NEE appointed all Directors • Three Directors appointed by GP (NEE) (BOD) • NEP GP BOD oversees • Four Directors to be elected by LP unitholders management of NEP • NEP LP BOD oversees management of NEP

• NEP CEO nominates and NEP LP BOD approves a slate of four Directors to stand for election annually Nomination • NEE nominates all Directors Process • LP Unitholders with 10% voting interest given proxy access rights to nominate up to two Directors • NEE and LP unitholders with more than 5% voting power limited to 5% of votes for Directors Voting • LP unitholders do not elect • First annual meeting of unitholders to elect Process directors directors will be held on December 21, 2017 • LP unitholders elect the majority of the NEP LP BOD Governance changes give LP unitholders the ability to elect a majority of NEP’s board

13 NEP’s ongoing financing optimization is expected to minimize the need for common equity

Optimizing The Capital Structure

Investor Investor IDR Fee Low double-digit Demand Modification Demand ROEs on acquisitions

AccessAccess to Utilized high-yield Dividend Alternative Low Costto Low Financing debt, convertible Growth of CapitalCost of Sources debt, and convertible Capital preferred units

Credit ratings Accretive Credit & Accretive Leverage support flexibility to AcquisitionsAcquisitions Targets finance 2018-2019 growth

14 NEP’s credit ratings increase financing flexibility and debt capacity due to greater market access

Corporate Credit Rating and Debt Capacity • NEP corporate credit ratings:

High-Yield Term Loan B Debt Revolving Moody’s S&P Fitch Credit Facility Ba1 BB BB+ Convertible Stable Stable Stable Preferred Optimal Capital Structure Bank for Distribution Growth Term Loans

• Credit profile should Convertible support HoldCo debt of 4.0x Debt PAYGO Project Tax to 5.0x project distributions Equity Financing/ Equity Refinancing

New Opportunities Utilized Products

NEP continues to analyze and evaluate new opportunities for financing its long-term growth

15 NEP’s ongoing financing initiatives are expected to minimize the need for common equity

NEP Financing Update • $550 MM Convertible Preferred Offering – 4.50% coupon – 15% conversion premium • $300 MM Convertible Debt/Capped Call Transaction – 1.5% coupon for 3 years – Initial conversion rate represents a 25% premium to closing unit price – Capped call could provide upside similar to notes being offered with a 50% conversion premium • Refinanced ~$1.1 B HoldCo debt balance with senior unsecured notes at historically low yields – 4.25% coupon, 7-year tranche for $550 MM – 4.50% coupon, 10-year tranche for $550 MM • Amendments to existing revolving credit facility – Upsizing from $250 MM to $750 MM – Extending maturity from 2019 to 2022

16 NextEra Energy Partners Adjusted EBITDA and CAFD Expectations(1) Adjusted EBITDA CAFD

12/31/17 Run Rate(2) $875 - $975 MM $310 - $340 MM

12/31/18 Run Rate(3) $1,050 - $1,200 MM $360 - $400 MM

Unit Distributions 2017(4) $1.58 - $1.62 annualized rate by year-end

2016 – 2022(5) 12% - 15% average annual growth

1) See Appendix for definition of Adjusted EBITDA and CAFD expectations 2) Reflects calendar year 2018 expectations for forecasted portfolio as of 12/31/17 3) Reflects calendar year 2019 expectations for forecasted portfolio as of 12/31/18; includes announced portfolio, plus expected impact of additional acquisitions not yet identified 4) Represents expected fourth quarter annualized distributions payable in February of the following year 17 5) From a base of our fourth quarter 2016 distribution per common unit at an annualized rate of $1.41 We believe NEP offers a superior value proposition and is better positioned than ever to deliver upon its long-term expectations Investor Total Return Potential • Opportunity to earn a total return of ~4% 16% - 19% roughly 16% - 19% per year through at least 2022 12% - 15% • Diversified portfolio with stable cash flows • High visibility into available growth options to support DPU growth • Disciplined approach to capital allocation • Flexible capital structure to finance future growth • Strong corporate governance Distribution Distribution Annual Total Growth Yield(1) Return • A proven and experienced Through At Potential management team that has a long Least 2022 track record of delivering results Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest

18 1) Based on NextEra Energy Partners‘ distribution yield as of October 26, 2017 Appendix

19 We continue to execute on our plan to expand NextEra Energy Partners’ portfolio

NextEra Energy Partners – Portfolio Additions

• Acquisition from NEE is expected to close by year-end Contract Project Resource MW COD Expiration(1) Desert Sunlight Solar 142.5 2014 2037 Brady I Wind 149.7 2016 2046 Brady II Wind 149.0 2016 2046 Javelina I Wind 249.7 2015 2031 • Expected purchase price: – Total consideration of ~$812 MM plus: – Assumption of ~$459 MM in tax equity liabilities – Considers ~$268 MM of existing non-recourse project debt related to Desert Sunlight – Subject to working capital and other adjustments • Expected 5-year average annual run rate contribution beginning 12/31/2017: – Adjusted EBITDA $185 – $205 MM – CAFD of $79 – $89 MM

1) Weighted average contract expiration for Desert Sunlight and Javelina power purchase agreements 20 NEP’s portfolio is comprised of ~3.7 GW of renewable assets plus seven natural gas pipelines with a ~18 year weighted average remaining contract life Portfolio Overview(1) Project COD Location Net MW Technology Counterparty Credit PPA Life Ashtabula III Dec-10 ND 62 Wind A3 21 Baldwin Dec-10 ND 102 Wind Baa1 24 Bluewater Jul-14 ON 60 Wind Aa2 17 Brady I Nov-16 ND 150 Wind Baa1 29 Brady II Dec-16 ND 149 Wind Baa1 29 Cedar Bluff Dec-15 KS 199 Wind Baa1 18 Conestogo Dec-12 ON 23 Wind Aa2 15 Elk City Dec-10 OK 99 Wind A3 12 Golden West Oct-15 CO 249 Wind A2 23 Golden Hills Dec-15 CA 86 Wind Aa2, N/A 18 Javelina Dec-15 TX 250 Wind Baa2, Aa2 14 Jericho Nov-14 ON 149 Wind Aa2 17 Mammoth Plains Dec-14 OK 199 Wind Baa1 17 N. Colorado Aug-09 CO 174 Wind A3 16 Palo Duro Dec-14 TX 250 Wind Baa1 17 Perrin Ranch Jan-12 AZ 99 Wind A2 20 Seiling I Nov-14 OK 199 Wind A3 18 Seiling II Nov-14 OK 100 Wind A2 17 Stateline Dec-02 WA 300 Wind Baa2 9 Summerhaven Sep-13 ON 124 Wind Aa2 16 Tuscola Bay Dec-12 MI 120 Wind A2 15 Desert Sunlight 250 Dec-14 CA 125 Solar A2 17 Desert Sunlight 300 Dec-14 CA 150 Solar A2 22 Genesis Mar-14 CA 250 Solar A2 21 Shafter May-15 CA 20 Solar A2 18 Moore Feb-12 ON 20 Solar Aa2 14 Sombra Feb-12 ON 20 Solar Aa2 14 Total Renewables 3,727 19 (2) (3) Net Midstream Dec-14 TX 3.6 Bcf/d Natual Gas Pipeline Baa3 14 (4) Total Portfolio 18 1) Includes acquisition of 691 MW announced on October 26, 2017 that is expected to close by year-end 2017 2) Contracted pipeline capacity 3) Average rating of NET Midstream contract counterparties 4) Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for portfolio as of 12/31/2017. See appendix for definition of CAFD expectations U.S. Federal tax incentives for renewables projects have been extended into the next decade

Extended U.S. Federal Tax Credits Wind Production Solar Investment Tax Credit (PTC) Tax Credit (ITC) Start of Start of Construction COD Wind Construction Solar Date Deadline PTC Date ITC During 2016 12/31/2020 100% Prior to 1/1/2020 30% During 2017 12/31/2021 80% During 2020 26% During 2018 12/31/2022 60% During 2021 22% During 2019 12/31/2023 40% 2022 and beyond 10% • For wind PTC, the IRS provided additional guidance in 2016 – Continuity of safe harbor is satisfied for a facility if COD occurs no more than four calendar years after the calendar year that construction began – Safe harbor is provided for certain repowered facilities Energy Resources’ safe harbor purchases could qualify over 10 GW of new wind for 100% of the PTC from 2017 to 2020

22 NEP’s tax shield creates the need to employ tax equity financing for projects that generate a large portion of their economics from tax credits

PAYGO Tax Equity Financing • Tax equity financing is used Project Cash Flow Split(1) to monetize tax attributes • Under tax equity, an investor makes an up-front payment 8%-12%

– Pre-payment for tax 30%-35% depreciation, 70% - 75% of expected PTCs, and a small portion of project cash Reported NEP • Additionally, the investor 55%-60% CAFD makes PAYGO payments – 25% - 30% of annual PTCs that enhance asset cash flow profile • Project cash not paid to the investor and PAYGO Tax Equity Share of Project Cash payments make up total NEP's Cash From PAYGO Payments CAFD NEP's Share of Project Cash

23 1) Cash flow splits are shown on a pre-tax basis

In June 2017, NEP announced an agreement to issue $550 MM of convertible preferred securities

Convertible Preferred Offering(1) • NEP’s 4.50% coupon is the Coupon at Issuance(2) lowest ever for a preferred security in the MLP or Yieldco 10.75% sector 10.0% 9.5% 8.5% 8.5% • Provides a low cash cost of 8.0% 8.0% funds that is comparable to 6.5% Holdco debt 4.5% 4.75% • No right to convert to common equity until 2019 – 15% conversion premium

– NEP forced conversion rights NEP begin in 2018 at up 20% • Receives various levels of treatment from credit rating agencies

1) Refer to SEC filings for additional detail of convertible preferred offering 2) Source: Company filings 24 Note: Funds to be drawn by 12/31/17 NEP has issued $300 MM of convertible debt and entered into a capped call transaction in connection with the offering

Convertible Debt/Capped Call Transaction • Low 1.5% coupon for 3 years Impact of NEP Unit Price (1) • Initial conversion rate At Conversion represents a 25% premium $65 Cap Price ~$63.44 (up 50%) to closing unit price – Priced near 52-week high $60 Bond converts up 25%, NEP receives additional consideration under • Structured to allow an capped call between up 25% and up 50% $55 approximate 15% annualized Conversion Rate/Lower Strike ~$52.86 (up 25%) growth rate in distributions $50 • Capped call could provide Bond settles in cash, upside to NEP similar to NEP receives no value for capped call notes being offered with a $45 50% conversion premium Issuance Price $42.29 $40 1 2 3 4 5 6 7 Structured to provide potential equity upon conversion at a 25% premium, while preserving economics as if issued up 50%

1) Capped call is settled over an 80 day period post conversion of the notes; NEP has the option to receive settlement in cash or units to reduce dilution as if units were issued with a higher premium 25 NEP has further de-risked LP distributions by refinancing its existing ~$1.1 B HoldCo debt balance at attractive rates and pushing its maturity into the middle of the next decade NEP HoldCo Debt Refinancing • NEP refinanced its ~$1.1 B NEP HoldCo Debt Maturity Profile HoldCo debt balance with $ MM senior unsecured notes $700 Average maturity increased by ~6.75 years – 7-year tranche for $550 MM $600

– 10-year tranche for $550 MM $500

• The notes were priced at $400 historically low yields(1) $300 – Tightest coupon and implied credit spread for a Ba1/BB $200 USD 7-year issue at 4.25% $100 – Tightest coupon for a Ba1/BB $0 USD 10-year issue at 4.50% 2018 2020 2022 2024 2026 Pre-Refinance Post Refinance The transaction drew strong demand with ~5.5x subscription and ultimate placement with over 140 accounts

26 1) Analysis obtained from Bank of America Merrill Lynch and Barclays NEP has upsized its revolving credit facility while also reducing borrowing costs, extending the maturity date and increasing the size of its bank group NEP Credit Revolver Changes Old Revolver Amended Revolver

Facility Size $250 MM $750 MM

(2) Pricing 3.0x Leverage Ratio : 225 bps 175 bps 4.0x Leverage Ratio(2): 250 bps 200 bps (1) (LIBOR+) Max Leverage Ratio(2,3): 275 bps 225 bps

# of Banks 9 20

Maturity July 2019 October 2022

The new terms reduce NEP’s cost of capital and provide additional liquidity consistent with NEP’s size and growth needs

1) Pricing includes facility fee + margin based on leverage ratio 2) Leverage ratio measured by HoldCo debt over project distributions (as adjusted under the Credit Agreement) 27 3) Maximum leverage ratio is 5.5x NEP’s holdco leverage to project distributions metric target of 4.0x – 5.0x is consistent with its strong mid– to high–BB credit ratings Credit Metrics(1) BB Target Target S&P(2) Range YE 2017 YE 2018 Holdco Debt/EBITDA 4.0x - 5.0x 3.0x - 4.0x 4.0x - 5.0x

Ba1 Target Target Moody's(3) Range YE 2017 YE 2018 Total Consolidated Debt/EBITDA <7.0x 6.0x - 7.0x 6.0x - 7.0x CFO Pre-WC/Debt 9% - 11% 9% - 11% 9% - 11%

BB+ Target Target Fitch(4) Range YE 2017 YE 2018 Holdco Debt/FFO 4.0x - 5.0x 3.0x - 4.0x 4.0x - 5.0x 1) Calculations of the credit metric targets are based on NextEra Energy Partners’ interpretation of the credit metric methodologies, which can be found on each agency’s respective website. The rating ranges above can be found in the publications in which each agency initiated coverage on NextEra Energy Partners 2) Holdco Debt/EBITDA range and target are calculated on a run-rate basis, utilizing P-90 forecasts; debt includes holding company debt; EBITDA is comprised of project distributions net of fees related to the MSA, CSCS and other NEOP G&A expenses 3) Total Consolidated Debt/EBITDA and CFO Pre-WC/Debt ranges and targets are calculated on a calendar-year basis, utilizing P-90 forecasts; debt is total consolidated debt; EBITDA represents consolidated EBITDA adjusted for IDR fees and net PAYGO payments; CFO Pre-WC represents consolidated cash from operations before working capital adjusted for IDR fees and net PAYGO payments 4) Holdco Debt/FFO range and target are calculated on a run-rate basis, utilizing P-50 forecasts; debt is holding company debt; FFO is comprised of project distributions net of fees related to the MSA, CSCS and other NEOP G&A expenses

Note: P-50 forecast represents the level of energy production that NEP estimates the portfolio will meet or exceed 50% of the time. P-90 forecast represents the level of energy production that NEP estimates the portfolio will meet or 28 exceed 90% of the time Expected Cash Available for Distribution(1) (December 31, 2017 Run Rate CAFD)

$960-$1,060 ($15-$25) ($60-$70) $875-$975 ($240-$290)

($270-$320)

$ MM

($30-$35) ($3-$8) $310-$340

Project-Level Corporate IDR Fees Adjusted Debt Pre-Tax Non-Cash Maintenance Estimated Adjusted Expenses EBITDA Service (2) Tax Credits (3) Income (4) Capital Pre-Tax EBITDA CAFD (5) 1) See Appendix for definition of Adjusted EBITDA and CAFD expectations. Project-Level Adjusted EBITDA represents Adjusted EBITDA before IDR Fees and Corporate Expenses 2) Debt service includes principal and interest payments on existing and projected third party debt and distributions net of contributions to/from tax equity investors; excludes distributions to preferred equity investors 3) Pre-tax tax credits include investment tax credits, production tax credits earned by NEP, and production tax credits allocated to tax equity investors 4) Primarily reflects amortization of CITC 29 5) CAFD excludes proceeds from financings and changes in working capital Expected Cash Available for Distribution(1) (December 31, 2018 Run Rate CAFD)

$1,150-$1,300 ($20-$30) ($75-$85) $1,050-$1,200 ($240-$320)

($380-$460)

($30-$35) ($5-$15) $360-$400

Project-Level Corporate IDR Fees Adjusted Debt Pre-Tax Non-Cash Maintenance Estimated Adjusted Expenses EBITDA Service (2) Tax Credits (3) Income (4) Capital Pre-Tax EBITDA CAFD (5) 1) See Appendix for definition of Adjusted EBITDA and CAFD expectations. Project-Level Adjusted EBITDA represents Adjusted EBITDA before IDR Fees and Corporate Expenses 2) Debt service includes principal and interest payments on existing and projected third party debt and distributions net of contributions to/from tax equity investors; excludes distributions to preferred equity investors 3) Pre-tax tax credits include investment tax credits, production tax credits earned by NEP, and production tax credits allocated to tax equity investors 4) Primarily reflects amortization of CITC 30 5) CAFD excludes proceeds from financings and changes in working capital Definitional information

NextEra Energy Partners, LP. Adjusted EBITDA and CAFD Expectations This presentation refers to adjusted EBITDA and CAFD expectations. NEP’s adjusted EBITDA expectations represent projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income less (f) other deductions including IDR fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected (a) operating revenues plus (b) a pre-tax allocation of production tax credits, plus (c) a pre-tax allocation of investment tax credits plus (d) earnings impact from convertible investment tax credits and plus (e) the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources.

CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of investment tax credits, less (3) earnings impact from convertible investment tax credits, less (4) debt service, less (4) maintenance capital, less (5) income tax payments less, (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital and distributions to preferred equity investors.

Project-level CAFD is defined as project-level cash available for distribution and represents CAFD plus (1) corporate expenses, plus (2) IDR fees, plus (3) HoldCo interest expense.

NextEra Energy Partners' expectations of 12/31/17 and 12/31/18 run rate adjusted EBITDA and CAFD reflect the consummation of forecasted acquisitions. These measures have not been reconciled to GAAP net income because NextEra Energy Partners did not prepare estimates of the effect of these acquisitions on certain GAAP line items that would be necessary to provide a forward-looking estimate of GAAP net income, and the information necessary to provide such a forward-looking estimate is not available without unreasonable effort.

31 Cautionary Statement And Risk Factors That May Affect Future Results

This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP’s control. Forward-looking statements in this presentation include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP’s actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines’ operations; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines’ areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP’s cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations;

32 Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines’ operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross- border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities’ PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners’ (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP’s ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines’ operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America;

33 Cautionary Statement And Risk Factors That May Affect Future Results (cont.) The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries‘ financings could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries’ cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries’ substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER’s performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE’s potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP’s common units may be subject to voting restrictions; NEP’s partnership agreement replaces the fiduciary duties that NEP GP and NEP’s directors and officers might have to holders of its common units with contractual standards governing their duties; NEP’s partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP’s directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP’s actions require the consent of NEP GP;

34 Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

Holders of NEP's common units currently cannot remove NEP GP without NEE’s consent; NEE’s interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP’s partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change NEP's board of directors; NEP’s board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Issuance of the Series A convertible preferred units will dilute common unitholders’ ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The Series A convertible preferred units will have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP’s common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its current report on Form 8-K filed August 7, 2017, and other SEC filings, and this presentation should be read in conjunction with such SEC filings made through the date of this presentation. The forward-looking statements made in this presentation are made only as of the date of this presentation and NEP undertakes no obligation to update any forward-looking statements.